Related-Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related-Party Transactions

Note 13. Related-Party Transactions

The Company incurred advisory fees of $1 during each of the three months ended June 30, 2023 and 2022 and $2 during each of the six months ended June 30, 2023 and 2022, in each case payable to Mariposa Capital, LLC, an entity owned by a co-chair of the Company’s Board of Directors. In addition, dividends for Series A Preferred Stock were declared as of December 31, 2021 and settled in shares during January 2022. The Company issued 7,539,697 shares in January 2022 to Mariposa Acquisition IV, LLC, a related entity that is controlled by a co-chair of the Company's Board of Directors.

During 2022, the Company issued and sold 800,000 shares of the Company’s 5.5% Series B Redeemable Convertible Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”) for an aggregate purchase price of $800. Of the 800,000 shares issued and sold, 200,000 shares were sold to Viking Global Equities Master Ltd. and Viking Global Equities II LP ("Viking Purchasers"), which is the aggregate owner of more than 5% of the Company's outstanding stock. The Company declared dividends of 109,247 and 171,613 shares of common stock on the Series B Preferred Stock held by the Viking Purchasers during the three months ended June 30, 2023, and 2022, respectively. The Company declared dividends of 233,820 and 301,480 shares of common stock on the Series B Preferred Stock held by the Viking Purchasers during the six months ended June 30, 2023, and 2022, respectively.

The Company has entered into sales contracts with Royal Oak Enterprises, an entity controlled by a co-chair of the Company's Board of Directors, and recorded less than $1 and $2 in net revenues for the three and six months ended June 30, 2023, respectively, and as of June 30, 2023 had $2 in accounts receivable, net of allowances.

From time to time, the Company also enters other immaterial related-party transactions.